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Britain’s biggest banks have drawn up a secret list of demands for politicians if the UK chooses to leave the European Union on Thursday, calling for a bonfire of red tape, open borders and a publicity drive to bolster the UK’s status as a financial centre outside the EU.

Business group TheCityUK – which opposes a Brexit – has warned that leaving the EU would damage the financial services sector, drive businesses to move jobs to the continent, and harm the economy.

But a set of confidential documents, which have been seen by The Daily Telegraph, show the group has a plan to mitigate that damage, and even believes it would be possible to publicise a “relatively better long-term economic outlook for the UK” which would “promote financial stability” outside the EU.

TheCityUK is chaired by John McFarlane, who is also chairman of BarclaysCredit:
Chris Ratcliffe/Bloomberg

The plan sets out a list of “key policy asks” which the business group, made up of banks including Citigroup and Lloyds Banking Group, as well as law firms and insurers, will put to the government if voters choose Brexit.

The initial steps involve exiting the EU smoothly with a “transitional period” to ensure that “nothing changes overnight”.

The main goal of the dossier is to ensure “the exit process must be orderly” to protect financial stability, while co-operation with other international bodies will help minimise any shocks.

That means promoting a level playing field in global financial regulation, throwing the UK fully into a leading role in the G20, Financial Stability Board, Basel Committee, World Bank and International Monetary Fund.

That means “pressing the case for continued access to skilled talent from both the EU and the rest of the world in order to boost the UK’s competitiveness”, and suggests the City will be lobbying for accommodating immigration rules in the event of Brexit.

In combination with a trade policy which replicates free trade with the EU and adds on new agreements with “key trade partners” in the rest of the world, it should be possible to have a strong economy in future, the group hopes.

In addition it would like to see “more UK officials in EU institutions; this should be seen as an important part in a senior civil servant’s career.”

A spokesman from TheCityUK said: “This is a draft internal document to ensure preparedness for what is a significant vote –an expected and prudent business practice. It should be noted that 84pc of our members have said that they want to remain part of the European Union – 95pc have stated that continued access to the Single Market is vital for their competitiveness.”